HC Wainwright Issues Pessimistic Forecast for Beam Global (NASDAQ:BEEM) Stock Price

Beam Global (NASDAQ:BEEM) had its price objective reduced by HC Wainwright from $30.00 to $8.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s target price would suggest a potential upside of 100.00% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. B. Riley dropped their target price on shares of Beam Global from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Needham & Company LLC reissued a “hold” rating on shares of Beam Global in a research note on Monday.

Beam Global Stock Performance

Shares of BEEM traded down $0.35 on Tuesday, reaching $4.00. The stock had a trading volume of 220,658 shares, compared to its average volume of 129,083. Beam Global has a 12-month low of $3.89 and a 12-month high of $8.48. The firm has a market capitalization of $59.10 million, a price-to-earnings ratio of -4.12 and a beta of 0.87. The company has a 50-day simple moving average of $4.86 and a 200-day simple moving average of $5.39.

Hedge Funds Weigh In On Beam Global

Several institutional investors and hedge funds have recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new stake in Beam Global during the 3rd quarter valued at about $25,000. Oak Family Advisors LLC lifted its stake in shares of Beam Global by 11.0% in the second quarter. Oak Family Advisors LLC now owns 52,288 shares of the company’s stock worth $241,000 after buying an additional 5,181 shares in the last quarter. Green Alpha Advisors LLC grew its holdings in shares of Beam Global by 16.1% during the third quarter. Green Alpha Advisors LLC now owns 46,820 shares of the company’s stock valued at $230,000 after buying an additional 6,500 shares during the last quarter. XTX Topco Ltd increased its position in shares of Beam Global by 96.3% during the third quarter. XTX Topco Ltd now owns 20,332 shares of the company’s stock valued at $100,000 after acquiring an additional 9,975 shares in the last quarter. Finally, Virtue Capital Management LLC purchased a new position in Beam Global in the 3rd quarter worth approximately $49,000. 26.59% of the stock is currently owned by institutional investors.

About Beam Global

Beam Global, a clean-technology innovation company, engages in the design, development, engineering, manufacture, and sale of renewably energized infrastructure products and battery solutions. Its product portfolio includes EV ARC (electric vehicle autonomous renewable charger), an infrastructure product that uses integrated solar power and battery storage to provide a mounting asset and a source of power for factory installed electric vehicle charging stations; Solar Tree DCFC, an off-grid, renewably energized, and single-column mounted smart generation and energy storage system to provide a 150kW DC fast charge to one or more electric vehicles, such as electric buses, heavy-duty vehicles, agricultural equipment, public transportation, and electric vehicles used in the construction industry; and EV ARC DCFC, a DC fast charging system for charging EVs.